Our local MLS added two fields to denote distressed sales back in 2008. As with most new things, the fields were not immediately and uniformly adopted by the thousands of individual agents in the area. Now that they are widely used, we can begin to look at the level of distress in our local markets using the CTMLS database.
At the big picture level, it appears that distressed single-family homes and condominiums sales represented about the same percentage of total deals in 2011 – approximately 1 in 7. Multi-family sales were much more likely to be distressed – nearly 1 in 2.
The percentage of distressed sales was highest across all property types in the more urban towns of Hartford, New Britain, East Hartford and Bristol. Their total percentage of distressed sales was inflated because those are the towns with the most multi-family properties, but in general those towns had the highest levels of single-family and condominium distress too. Bloomfield had the second highest percentage of single-family distress, but a below average percentage of condominium distress and very few multi-family sales during the year.
Although this chart incorporates a lot of information, it only scratches the surface. We’re excited to have all this data available and will continue to look for other interesting questions that it may be able to address.